Chinese Ammonium chloride market price reference on December 17
Today, the ammonium chloride market maintained a firm trend, the large volume of ammonium chloroform enterprises was mainly expected to be issued, the receipt of new orders at a high price level was limited, the supply of downstream fertilizer and traders was relatively stable, and there was a shortage of stock, but it was resistant to the high level. In the short term, ammonium chloride enterprises will continue to raise prices to watch the market, and to see how fertilizer enterprises start work and restock ammonium chloroform. Price fluctuations are limited.
At present, dry ammonium from Shandong, Henan and Hebei is delivered near reference 440-480
Dry ammonium factory prices in southwest region 420-450
Wet ammonium delivered in the Jiangsu region 340-370
Price Reference:
Zhejiang Longshan Chemical Wet Ammonium Factory 300
Lianyungang Debang Factory Dry ammonium 400 Wet ammonium 310
Kunshan, Zhongshan, Jiangsu, dry ammonium 400. Wet ammonium 300
Jiangsu Huachang Wet Ammonium Factory 300
The price for delivery within a radius of Hu bei Yihua Shuanghuan is 430-450.
Lurvy Group's factory price for wet ammonium is around 300,
Sichuan and Bongam Ammonium Output Around 450
Chongqing and Bong Alkaline Ammonium yields about 420 dry ammonium
Chongqing Xiangyu Salted Ammonium South West Delivery Price About 520
Xinghua, Shaanxi, parking for maintenance, unscheduled time for driving
Tianjin Alkaline Plant Installation Parking and Maintenance
Henan Junma Dry Ammonium Factory 410
The dry ammonium in Henan province is sent near 450-480, and the wet ammonium in the province is delivered 400-420.
Inner Mongolia Wafeng agricultural dry ammonium production plant is about 430
Anhui Red Quadrangle Dry Ammonium Output 400, Wet Ammonium Input 300
December 16: Chinese Ammonium sulphate price forecast
Today, the ammonium sulfate market has been significantly reduced, with an internal decline of 30-80 yuan / ton, and some auction prices in Anhui, Jiangsu, Henan and Shanxi regions have fallen by 20-70 yuan a ton. Due to the persistent weak standoff in end demand purchasing sentiment, raw material factories have fallen in line with the trend, and bearish sentiment has increased. It is expected that the ammonium sulfate market will continue to retreat rationally in the short term.
👉Mainstream market price references:
Shandong Region Ammonium coke sulfate Mainstream 969-975 Mainstream Internal Mainstream 1050-1120 Bulk (Self-Charging)
Henan Ammonium Corified Sulphate 890-910
Shanxi region Coking 860-925 Inner Mongolia 990-1000
Hubei, Handan Coalification 900-950
Heilongjiang coking grade mainstream RMB 950-1020 / ton;
Jilin coking grade 1135-1190;
Liaoning coking grade 1050-1080
Heilongjiang acrylonitrile grade ammonium sulfate at 1100 yuan / ton
The latest transaction price of ammonium sulfate in Henan Shuncheng is 898 yuan / ton (excluding loading charge), down from last week's price.⬇️52 yuan / ton.
Inner Mongolia Zhong Tianhechuang power plant grade ammonium sulfate was priced at 706 yuan / ton, and the high price was reduced.⬇️ 30 yuan / ton
Henan Liyuan's latest tender price for ammonium coke sulfate is 910 yuan / ton, down from last week⬇️ 48 yuan / ton.
The tender price for ammonium coke sulfate in Shoushan, Henan, is 890 yuan / ton (excluding loading charge), downgraded⬇️ 25 yuan / ton.
Yizhou, Jiangsu, bid for ammonium coke sulfate, selling price of 989 yuan / ton, downgraded⬇️ 23 yuan / ton.
👉 Ammonium sulfate factory price reference
Shandong Lusi Chemical Products Proprietary Excellent Products 1170⬇️ 30
Yan Mining Ruan Chemical Industry 1,100⬇️ 80
Shanxi Orchid Installation Parking Maintenance, No quotations for now
Barney Heng Yi Internal Sales Price 1190
Sulfur Ammonium Crystals at the Warren Hughes Power Plant 1985⬇️ 30
Hualu Hengsheng Sinopenium Ammonium Slices 1120⬇️30, 50 kg small package 1170, tonnage package 1180, 25 kg small package1190⬇️30
Cangzhou Xuyang Heine (bulk) quoted at 1150⬇️50
Dong Ming Xuyang Bnei 1100⬇️60
Guangxi Hengyi Ammonium Ammonium Sulphate Factory Price 1160⬇️20
Shanxi Yangcoal teratified methamphetamine small package sold for 1,000 yuan; Tonnage of 990
This will be an abbreviated report only with focus on Urea due to travels outside of Singapore. I take great pleasure in providing you with this report since it gives me an opportunity to stay abreast of the market and keep in touch with you all. In the event of no further interest to receive the report, please let me know. Otherwise just keep silent! I would of course take no offence if so is the case, I realize you are all busy and want a slimmer email inbox!
Before we end the year let’s look at some key benchmark prices in 2025 and the volatility in their trajectory throughout the year:
Prilled urea FOB China was only recorded in May when exports resumed, and price was listed at USD 350 PMT FOB – then sped to USD 490 PMT FOB in August only to settle back to USD 380 PMT FOB in October and with a price today of USD 400 PMT FOB.
Middle East FOB non-USA granular urea price started at USD 375 FOB in January – end of June at USD 525 FOB – beginning of October at USD 390 FOB – End of November at USD 423 FOB and now at around USD 395 FOB.
Baltic spot UAN 32% Solution started the year at USD 288 PMT FOB – early April saw a price of USD 391 FOB – early May at USD 334 FOB – end of June at USD 400 – early October at USD 362 FOB and now at USD 425 FOB.
China granular ammonium sulphate prices started January at USD 150 PMT FOB – end of June at USD 210 FOB – end of October at USD 158 FOB and now at USD high 160s PMT FOB.
Middle East ammonia prices started in January at USD 430 PMT FOB – the middle of June at USD 300 FOB – late September at USD 420 – middle of November at USD 440 and now at USD 500 PMT FOB.
India DAP CFR prices started in January at USD 634 PMT FOB and the middle of April saw prices go to USD 700 CFR – the early July at USD 814 CFR only to retract to USD 724 CFR and now at USD 670 CFR.
Middle East sulphur prices have experienced the wildest run starting in January at USD 170 FOB – early May at USD 305 – then back to USD 265 FOB in the middle of July – then to USD 411 FOB at the end of November and now trading spot at USD 515 PMT FOB.
In all we have seen 2025 turbulent pricing due to geopolitical upheaval in the world – but in general we can expect 2026 prices to remain calmer with highs and low ranges tightening.
UREA
-The urea market is showing signs of coming alive with increased prices in various regions
The international urea market received a pre-Christmas break when India’s NFL announced a 1.5 mill MT tender closing on January 2nd. Shipment by February 20th and offers to be valid until 16th of January. This tender means that Christmas celebrations will be cut short in various quarters of the industry. NFL is requesting 800 KT shipment to the WC of India and 700 KT to the EC of India.
The above tender gives producers a great opportunity to fill order books for the first two months of 2026. This is of particular importance to the otherwise muted but emerging demand in Brazil and the US. European buyers are busy studying the massive amount of documentation with the introduction of CBAM taking place on January 1st, 2026. The expectation is that urea prices could go up more than 10% to the detriment of European farmers.
In the Middle East producers are more optimistic given India’s return to the market for shipments up to 20 February. A moderate uptick in inquiry from some trading companies was noted in the past 24 hours. Indeed, Oman’s SIUCI has been linked with sales of granular urea extending into February. The producer had been offering a second half January cargo last week, with indications noted in the $390s pt fob. Precise price details have yet to emerge. Earlier in the week, some suppliers had cited spot values either side of $390pt fob, with others targeting higher. The latest news from India has led many to reevaluate asking prices for January cargoes. Separately, one cargo of OMIFCO granular urea for end-December is now anticipated for shipment to the USA via a trader with the business likely concluded on a formula basis. Regarding earlier Indian business, eight Middle East cargoes have been nominated to Indian Potash Limited (IPL) covering over 360,000t of product. This includes three cargoes from Qatar, three from Oman, and one each from Bahrain and Saudi Arabia.
The US/NOLA market is slowly coming alive with scattered barges changing hands at USD 375 PST which is the equivalent of USD 408 PMT. Brazil offers are at 410 PMT CFR with some claiming USD 405 PMT CFR. However, smaller parcels from ships on the way are in the USD 390s PMT CFR with Nigerian and Venezuelan origin. Markets in SE Asia are quiet except for rumours of a BFI Brunei sale of 30,000 MT at an undisclosed price and a Petronas cargo closer to USD 400 PMT FOB. Vietnam is two months behind schedule on rice plantings because of the heavy floods taking place earlier. Both Australia and Thailand have come to the end of their buying season.
In Egypt, MOPCO sold 10,000 t and 6,000 t granular urea for January loading to two different traders at $440/t FOB Egypt, the producer said on 17 December. The sale marks a $10/t decline on the $450/t FOB business carried out by MOPCO two weeks ago. Buying interest from Europe has been limited of late, with the window to ship cargoes to the European Union (EU) prior to the imposition of CBAM on 1 January all but closed.
In China, no major urea export business has been under discussion, with producers focused on the domestic market. However, a FUDAO 30 KT cargo is said to have been sold at USD 407 PMT FOB. Earlier export quota allocations are widely understood to have been utilised, while no news has emerged regarding the timing of any future quota issuance. At present, few anticipate new quotas will be issued for early-2026. A handful of cargoes are still believed to be available for shipment. Local reports suggest commitments to India have been reduced with one to two traders opting to cover Indian Potash Limited (IPL) business elsewhere. Domestic urea prices have been stable. In Shandong they stand at RMB 1,640-1660pt ex-works, level with last week, while operating rates are in the 195-196,000t/day range.
In Iran, producers Khorasan Petrochemical Company (KHPC), Kermanshah Petrochemical Industries Company (KPIC), Lordegan Urea Fertilizer Company (LUFC) and one unit at Pardis Petrochemical Company are reported to have shut down due to seasonal gas shortages, local sources said 17 December. Masjed Soleyman Petrochemical Industries (MIS) and Shiraz Petrochemical Company (SPC) are also set for complete shutdowns next week, sources added. MIS is this week said to have sold 30,000 t granular urea for January movement at $370/t FOB via a 15 December sales tender. Pardis also sold 30,000 t granular for 1H January loading from Assaluyeh at $375/t FOB via its 16 December sales offering. LUFC, meanwhile, was earlier heard to have placed 30,000 t granular urea at $373/t FOB via its 14 December sales tender. SPC was offering granular at $370/t FOB for prompt December lifting, whilst KHPC was offering prilled urea at $410/t FOB for shipment from Bandar Abbas 2H December. No sales have been reported so far. The official producer price was earlier fixed at $370/t FOB, down $5/t on the prior week.
Bahrain urea exports totalled 89,000t in November, with this comprising 49,000t for Brazil and 40,000t for India under tender business. The figure brings the year to November total to 790,000t, up 188,000t or 31% year-on-year. While business for Brazil, India and Thailand has been stable relative to prior years, greater volumes were committed to Australia. Australia took 259,000t, versus 161,000t over the same period in 2024. Brazil received 142,000t, while 95,000t were directed to Ethiopia. The USA, India and Thailand each took 88-93,000t.
The outlook for urea prices in 2026 suggests stabilization with potential for regional differences, with forecasts pointing to a general easing from 2025 highs as new capacity comes online, but strong drivers like China's export policies, Europe's Carbon Border Adjustment Mechanism (CBAM), and ongoing global trade shifts will create volatility, with Europe potentially seeing higher costs due to CBAM. Analysts expect global stabilization, but with tight supply from China supporting prices initially, while new Middle Eastern and Asian plants should ease pressure later in the year, making it a mixed bag of easing global trends and regional price pressures.
The World Bank projects a 7% decline in urea prices in 2026, and an additional 9% in 2027, as new production capacity comes online in the Middle East and East Asia. Fitch Ratings also anticipates a decrease in prices for 2026.
Caution is always to be put into the equation on predicting any commodity price for 2026. Just too many unknown factors which can play into the hands of either producers or buyers.
China Phosphate: SSP and DSP are unaffected, but TSP is definitely suspended until August next year.
Policy Note With Proposal for Corrective Measures
Ammonium sulfate (AS) is unlike any other nitrogen fertilizer in the CBAM scope. In most cases, it is not manufactured intentionally through carbon-intensive processes.
Instead, it is a pollution-control by-product, derived from the capture of ammoniacal and sulphur emissions in:
steel coke-oven gas treatment,
refinery stripped-water systems (SWS),
caprolactam/nylon production,
waste-gas and effluent desulphurisation units,
Agro-industry depollution units,
AS is therefore an environmental-abatement output, contributing directly to emission reduction and industrial compliance.
1. Intrinsically Low Carbon Footprint
Because ammonium sulfate results from the recovery of pollutants:
no Haber-Bosch ammonia synthesis is required,
no energy-driven chemical conversion is performed,
marginal energy input is typically close to zero.
Its embedded carbon is significantly lower than other nitrogen fertilizers, making it one of the few genuinely circular, low-carbon nutrient sources.
2. The CBAM Paradox
The current CBAM allocation methodology links product carbon intensity to the emissions of the primary industrial process (steelmaking, refining, petrochemicals). This approach risks assigning AS to:
emissions that it did not cause,
a carbon footprint unrelated to its marginal production,
a tax burden disproportionate to its environmental impact.
This misalignment could result in penalising waste recovery and rewarding higher-carbon fertilizers, contrary to EU climate objectives.
3. Environmental and Economic Risks
Misclassification of AS under CBAM could lead to:
a disincentive for pollution capture in key industries,
reduced circularity and increased waste disposal,
greater reliance on high-CO₂ nitrogen fertilizers,
market distortions unrelated to environmental performance,
higher costs for EU agriculture with no climate benefit.
Such outcomes conflict with the Green Deal, the Circular Economy Action Plan, and the Industrial Emissions Directive.
4. The Need for Differentiated Treatment
Regulatory accuracy requires that pollution-mitigation by-products such as AS be evaluated through an emissions methodology that reflects:
Marginal emissions, not process-wide allocations,
The environmental benefit of pollutant capture,
The circular-economy value created by converting a waste stream into a useful product,
Proportionality and fairness within CBAM’s core principles.
5. Policy Proposal for CBAM Adjustment
Introducing a Marginal Emissions Methodology for Pollution-Control By-Products
To align CBAM implementation with EU climate and circularity goals, we can propose the introduction of a specific CBAM treatment for by-products originating from pollution-control processes, consisting of the following elements:
A. Definition and Classification
Create a new CBAM category: “Pollution-control by-product (PCB)” Applicable to products formed exclusively through the recovery, neutralisation, or capture of industrial pollutants.
Ammonium sulfate from coking, refining (SWS), or caprolactam production qualifies as PCB.
B. Marginal Emissions Reporting
Require importers to report only the incremental emissions directly attributable to:
crystallisation,
and drying, (why not)
Exclude emissions from the primary industrial process, which would occur regardless of the by-product’s recovery.
C. Environmental Credit Mechanism (optional but recommended)
Introduce the possibility to account for avoided emissions, recognising that pollutant capture and mineralisation prevent:
ammonia release,
sulphur release,
wastewater contamination.
This aligns CBAM with the “Do No Significant Harm” and life-cycle benefit principles.
D. Verification Framework
Implement a simplified verification scheme:
operator declarations based on standardised process diagrams,
recognised emission factors for diversion of waste streams,
third-party verification only for large import volumes. (> 1000MTY for example)
E. Safeguard Against Misuse
Ensure that only non-intentional by-products are eligible. AS produced intentionally via NH₃ + H₂SO₄ synthesis must remain under standard CBAM treatment.
6. Conclusion: Aligning CBAM With EU Climate Objectives
Adopting a differentiated methodology for ammonium sulfate and similar by-products would:
avoid penalising circular and low-carbon products,
maintain strong incentives for industrial emission capture,
support EU farmers with cost-effective, low-carbon fertilizers,
reinforce the coherence of CBAM with broader EU environmental policy.
Recognising ammonium sulfate for what it truly is : a pollution-control product with minimal marginal emissions remains essential to preserve the credibility and effectiveness of CBAM.
The current version of CBAM is not efficient and must be upgraded asap before it becomes too late.
Italy
According to local market players, Yara’s Ferrara ammonia/urea facility is currently non-operational.
The plant has reportedly gone down due to an unspecified failure. It was unclear at press time when the ammonia and urea production would resume on the site. The same market sources believe that this may happen in H2 January 2026.
As the shutdown has created a lack of feedstock ammonia from the Ferrara plant, Yara’s another fertilizer facility in Ravenna may be running at reduced rates now. To keep the manufacture of nitrates and NPKs running there, Yara may have to source ammonia from abroad.
Reminder: Yara can produce 600,000 tpy of ammonia and 600,000 tpy of urea at the Ferrara facility.
Chicago Board of Trade soybean futures dropped to a new seven-week low on Tuesday, as investors unwound some of their positions amid ongoing concerns about U.S. export demand and expectations for a bumper Brazilian harvest, market analysts said.
Traders have been disappointed at the pace of Chinese purchases of U.S. soybeans since this autumn's trade talks between Washington and Beijing.
CBOT January soybeans settled down 9 cents at $10.62-3/4 per bushel, the lowest since October 24.
CBOT January soyoil fell 1.12 cents to end at 48.36 cents per pound, while March soyoil ended 1.10 cents lower at 48.91 cents per pound.
Soymeal futures closed lower, with the most-active January settling $1.10 lower at $302.40 per short ton.
China's Sinograin will auction 550,000 metric tons of imported soybeans on December 19, its third auction this month, the state stockpiler said in a notice.
In Argentina, oilseed workers called a 24-hour strike for next Thursday.
News that U.S. unemployment in November was higher than analyst expectations, driven largely by the loss of government positions, also weighed on commodity markets, traders and market analysts said.
However, traders said, the impact of the data was somewhat capped because the government shutdown prevented data collection for the October jobless rate.
While the Labor Department's closely watched employment report on Tuesday showed the unemployment rate at more than a four-year high of 4.6% last month, the Bureau of Labor Statistics changed its methodology after the 43-day government shutdown prevented the collection of data from households.
Morning. Urea mkts firming up in response to NFL tender announcement – Jan AG & Brazil traded $405-$408 respectively late in the day (+$30 from last week), after Nola paper traded low/mid-370s for Feb, and into $380s for March. Mkts framed:
AG
Dec $388//$398
Jan $402//$410 – traded $405s
Feb $385//$400
Cfr Brazil
Dec $394//$408
Jan $405//$410 – traded $408s
Feb $395//$415
Egypt
Jan $405//$425
Feb $400//$425
Nola
Phys: Dec trades $370. Jan $370
Paper:
Dec $355//$360
Jan $370//$380
Feb $380//$382 – traded $372, $373, $375
Mar $382//$387 – traded $378, $382, $384
Apr $370//$380
May $365//$375
Jun $355//$365
UAN Nola
Jan $285//$310
Feb $280//$315
DAP Nola
Phys: Jan traded $605, $610
Dec $625//645
Jan $610//$620 – traded $610
Feb $610//$625
Mar $615//$625 – traded $615
Q1 $605//$620
MAP Brazil
Jan $635//$660
Feb $645//$675
Mar $655//$680
https://m.economictimes.com/markets/stocks/news/fertilizer-stocks-rashtriya-chemicals-paradeep-phosphates-others-soar-up-to-7-whats-fuelling-the-surge-today/articleshow/125995730.cms
Wednesday, 17 December 2025 (Acerto)
Urea
Egypt : Mopco has
sold 10,000t and 6,000t of granular urea to two traders at $440/t FOB Damietta for January shipment to nearby markets.
As the domestic urea market remained weak and stagnant, the main regions issued environmental protection alerts and implemented production restrictions in the past two days, affecting local downstream operations. Currently, the market’s performance largely relies on industrial necessities, so industrial demand has also decreased temporarily. Reserve demand remains cautious, and the market’s situation appears weaker during this period of stagnation. Although some enterprises have gradually reduced their prices, the overall atmosphere remains subdued, and there is a lack of effective positive support. New orders have not shown any improvement, and the market’s pressure on enterprises to sell their products continues to increase. There may be a slight downturn in the market. Alternatively, either through price incentives or to boost sentiment and atmosphere, this downturn could be supported. Last night, India announced a new round of tenders. Based on current policies, only previously allocated quotas can be exported. The Nitrogen Fertilizer Association will hold meetings in Xi’an tomorrow and the day after tomorrow. It will be interesting to see if the “magic curse” of Nitrogen Fertilizer Association meetings always resulting in price increases can be broken this year.
PS immediate thoughts on this, in no particular order
1. Brings stability to market/stops price decline
2. only 1.5 mil Mts not much for the largest importer
3. Russia will struggle in other market places so will want to target
4. EU is out for Q1 so there demand can be offset
5. AG is looking in to funky destinations ie NOLA / south Africa etc – implies they are already looking for new homes. So they will target India also
6. right now Jan paper fob ag is usd 375 last done, puts India L1 at low 390’s cfr
7. China still has some Mts imo say 250kt last done was 360 fob, implies India L1 usd 385 cfr
8. market is overall weak so market can be shorted
9. last time we saw Malaysia etc appear, assume they will go for it again
10. expect them to secure the 1.5 mil Mts
11. shipment to Feb 20th (check CNY?) quite a long window
12. right now my estimation is 390-400 CFR range
The U.S. dollar edged lower against rivals including the yen and Swiss franc on Monday in a week packed with central bank decisions and U.S. data that could shed light on the Federal Reserve's near-term policy outlook.
The dollar was last down 0.31% against the yen, trading at 155.345 to the dollar.
The Bank of Japan is widely expected to raise interest rates on Friday, giving the yen an advantage over a dollar that could lose support if expected U.S. rate cuts emerge early next year.
"Our economists shifted to expecting a December hike from the BoJ in their base case," Goldman Sachs analysts led by Alexandra Kanter wrote in an investor note.
"The guidance will be key for near-term direction, and a recent report suggests that there may be less emphasis placed on the bank’s estimate of the neutral rate."
The BoJ is likely to maintain a pledge to keep raising interest rates but emphasise that the pace of increases will depend on how the economy reacts to each increase, sources told Reuters.
The Bank of England and European Central Bank are among central banks making monetary policy decisions this week.
Markets have almost fully priced in a Bank of England cut as inflation finally shows signs of easing while the ECB is expected to leave rates unchanged.
Traders have begun speculating that a rate increase could be on the cards for the ECB in 2026.
Sterling was down 0.12% at $1.33645, erasing earlier gains, while the euro edged higher by 0.06% at $1.174775 in choppy trading, on track for a fourth straight session of gains.
"In terms of the BoE, I think it's going to be very interesting. I think it's going to be a finely balanced decision to cut," said Joseph Capurso, currency strategist at Commonwealth Bank of Australia.
"The risk is that the inflation data that comes out this week may take out some of the pricing for follow-up rate cuts."
UK wage growth data is due on Tuesday and consumer inflation on Wednesday.
US DATA IN SPOTLIGHT
A catalogue of U.S. data delayed by the government shutdown is set to be released, giving investors a long-awaited view of the world's largest economy. The November jobs report is due on Tuesday and inflation figures on Thursday.
A divided Fed cut rates last week, but Chair Jerome Powell signalled that borrowing costs were unlikely to drop further in the near term.
Current above-target inflation does not reflect underlying supply and demand dynamics that are generating price increases much closer to the central bank's 2% target, Federal Reserve Governor Stephen Miran said on Monday, asserting that "prices are now once again stable."
"The question really is, is the prevailing theme going to be shifted dramatically from the delayed data we get this week," said Eugene Epstein, head of trading & structured products for Moneycorp Americas.
"At the moment, the U.S. and the bulk of its G10 peers are like two ships in the night with respect to 2026 central bank rate policy. In the U.S., it's a story of how long the central bank is going to wait until another cut while almost everywhere else in developed markets, it's a story of how long is the central going to wait until they start hiking," Epstein said.
The dollar rose 0.16% to 0.79725 against the Swiss franc . The dollar index , which measures the U.S. currency against a basket of rivals including the yen and the euro, was a shade lower by 0.09% at 98.318.
Sweden's Riksbank and Norway's Norges Bank are expected to leave interest rates unchanged after their policy meetings this week.
The Swedish crown strengthened by 0.48% to 9.3009 to the dollar. Against the Norwegian crown, the dollar was up 0.34% at 10.1582 .
In cryptocurrencies, bitcoin continued its losing streak and was on track for a fourth straight session of losses. It was last down 2.56% to $86,205.11. Ether declined 4.72% to $2,936.89.
China domestic market:
Urea production is at 194,600 tons per day, with an operating rate of 80.47%. Some coal-based facilities are restarting, while certain gas-based units are scheduled for maintenance, which will lead to a decline in urea supply.
Urea stockpiling demand has temporarily slowed, but future demand is expected to be released. Compound fertilizer operating rates may rise further, though the room for increase is limited. Port inventories have slightly increased. After the fourth batch of export quotas was issued, shipments have gradually begun. Seasonally, enterprise orders may weaken.
Compound fertilizer operating rates continue to rise, driven by winter storage and export demand. Enterprises may continue to reduce inventory in the short term. <This message was edited>
Morning. Caution on the sell-side of Urea to start the week, as activity focused in Nola, with continued support seen, and phys barges traded higher. On DAP, Q1 paper values dropped $15+/- from end of last week.
AG
Dec $385//$395
Jan $373//$385
Feb $370//$383
Q1 $370//$383
Cfr Brazil
Dec $390//$400
Jan $383//$392
Feb $375//$388
Mar $370//$385
Egypt
Jan $390//$415
Feb $391//$412
Nola
Phys: – Jan traded $362. Feb $365. Mar $370, $365
Paper:
Dec $354//$360
Jan $360//$370
Feb $362//$373
Mar $365//$375
Apr $365//$375
May $360//$370
Jun $350//$362
Brazil Amsul
Dec $182/$195
Jan $180//$195
UAN Nola
Jan $285//$305
Feb $280//$305
DAP Nola
Dec $625//645
Jan $605//$615 – traded $613
Feb $605//$615 – traded $610
Mar $610//$620
Q1 $605//$620
MAP Brazil
Jan $625//$650
Feb $630//$655
Mar $630//$655